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Solana Summit | Ethereum compatibility testing underway, Reddit founder invests $100 million, Aave migrates to Solana

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Solana Summit | Ethereum compatibility testing underway, Reddit founder invests $100 million, Aave migrates to Solana

On the second day of the Solana Breakpoint Summit in Lisbon, Solana continued to release many positive news such as funding announcements. The founder of Aave announced on Twitter that they will soon be deploying their protocol on Solana. The founder of Chainlink also predicted at the summit that in 2022, access to DeFi through traditional institutions such as banks will be possible.

1. Solana to be Compatible with Ethereum

According to a press release, blockchain startup Neon Labs, focused on building an Ethereum Virtual Machine (EVM) environment on Solana, has raised $40 million in funding led by Jump Capital, with participation from IDEO CoLab Ventures, Solana Capital, Three Arrows Capital, and other prominent venture capital firms.

Jump Capital stated:

As described in the Neon EVM whitepaper, Ethereum remains the primary protocol for smart contract transactions and interactions, but with gas fees soaring, Neon and Solana provide an optimized solution that goes beyond scalability, allowing developers to tap into multiple communities and a larger market.

According to Neon's official website, they aim to launch the mainnet this month and are already live on the Solana testnet.

2. Aave Ports to Solana

Aave's founder also announced on Twitter the deployment of the protocol on Solana, but indicated that the V3 version may be deployed on Layer2 first, subject to community governance decisions. Source

3. Reddit Co-founder Teams Up with Solana Ventures to Invest in Web 3.0

Reddit co-founder Alexis Ohanian and Solana co-founder Raj Gokal announced on the second day of the summit that they have jointly established a $100 million fund through Solana Ventures to invest in Web 3.0 social media technologies.

Alexis Ohanian stepped down from the Reddit board last year and founded the venture capital firm SevenSevenSix, so this funding is unrelated to Reddit itself.

Ohanian initially planned for $50 million but decided to double it, while Gokal criticized centralized social platforms, believing in the need to break free from centralized social media and wanting to create the next Twitter or Facebook.

4. Brave Browser to Default Support Solana DApps

On the first day of the summit, Brave's founder Brendan Eich and Solana Labs CEO Anatoly Yakovenko discussed advancing wallet applications during the summit.

Brave and Solana will collaborate to integrate the Solana ecosystem into both the desktop and mobile versions of Brave, with plans for Brave to support native Solana DApps, NFTs, and cross-chain functionality in the first half of 2022.

Solana will support a major update in Brave 2.0 roadmap, the "THEMIS" protocol, which can deliver ads to users without trust, protecting user privacy and rewarding users simultaneously.

Chainlink Co-founder: DeFi Continues to Grow

Chainlink co-founder Sergey Nazarov also appeared at the Solana summit, predicting that more institutions will adopt DeFi in 2022, attributing part of DeFi's growth to PayPal:

A significant part of the massive growth in the total value locked in DeFi is due to PayPal. If even PayPal has done the research and allows interaction between its Web 2.0 infrastructure and crypto, why wouldn't you think your users would come to you with demands for crypto custody, DeFi, and more?